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on July 19, 2012
I stumbled across this book while browsing Amazon. I chose this book over other hedge fund / high finance books because I have also formed a hedge fund of the same strategy (market neutral) as Kroijer's Holte Capital. I am also attempting to go at it solo, and Kroijer started Holte with just himself, a CFO, and maybe another analyst. I was also very familiar with one of Kroijer's previous employers. I was hoping to compare my experiences with his and also perhaps glean some insights I had not considered.

To the former point, I thought Kroijer presented an exceptionally accurate portrayal of the formation (and ensuing frustration) of a fund. I read some passages about raising capital aloud to my wife, who then said, "That's what YOU"VE said many times!" It was almost therapeutic to know someone as ultimately successful as Kroijer also struggled at the outset.

To the latter point, I was always troubled about what would happen if and when I raised a relatively small amount of capital but took to amortizing my fund costs over the 60 months as the fund docs dictate. Kroijer had this exact experience and explained how he addressed it, and it was something I hadn't really considered but now have it in the back of my mind if and when the time comes.

I would recommend this book to anyone who wants an accurate depiction of the highs and lows of the full life cycle of a hedge fund. It is not the highly glamorized Hollywood-esque exploits of "The Wolf of Wall Street (another good book, so I am not panning that in anyway), but I mention this as a plus for "Money Mavericks." The media often puts its own agenda on the table when "reporting" about hedge funds, and as a result the public often has the wrong idea. This book sets the record straight more than any media outlet ever will.
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on November 2, 2012
I enjoyed reading this book from cover to cover. The first part of the book, from the author's days at Harvard to his interview at Lazards to his decision to come to London reads like a Michael Lewis-style story (Haven't read Liars Poker yet?). Those early pages are filled with funny anecdotes that left me with a nice feeling.
Then there is the Holte capital venture. Those pages are filled with useful information about setting up a hedge funds and building connections in the investment community as well as the traps that await on the way. As far learning profesional investing tips though, there are better books.
The author no doubt writes well, however I found his writing style a little melancholic, especially in the second part of the book when he speaks of his Hedge Fund days and how that affected his life and drove him to return the client funds. It is indeed sad not to be able to carry on something you love to do, for whatever reason, but I think the book could have spared the sad-ish tone without loosing quality.
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on February 4, 2014
I read Money Mavericks this past summer. After reading several other hedge-fund related books, this is far and away the most insightful. The author provides a unique perspective that others fail to offer. He talks about finance related topics and explains his investing strategy and day-to-day operations, but what gives this book so much value is the self-reflection. Mr. Kroijer gives us a glimpse at his thought processes during his successes and failures.

Mr. Kroijer’s narrative offers a comprehensive timeline of a hedge fund manager from education, interviews, long work hours, strategy creation, raising capital, day-to-day lifestyle, and closing-shop. Other hedge fund narratives have a tendency to drag out boring, idiosyncratic topics that aren't accessible to amateurs. However, Mr. Kroijer makes the subject matter understandable (basic knowledge of finance is required), but he also asks tough questions, which can stimulate the reader to search for answers in other literature.

As a college student who has increasingly grown interested in hedge funds, I highly recommend this great resource to other students/young professionals who want to learn more about hedge funds.
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on September 12, 2013
Lars brings realism to the whole idea of starting and running a hedge fund. He doesn't skirt controversy, appears remarkably honest, and addresses topics and ideas one can relate to. To top it off, his writing style is engaging; it felt like a novel (I enjoyed reading it during vacation on a beach). But it also contains clues and tips on what to look for when launching a fund -- things one can refer to again. Nicely done!!
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on April 6, 2016
Interesting book describing Lars' journey from a tiny start-up fund struggling to cover overhead expenses and attract assets, to a successful portfolio manager watching over hundreds of millions in investor capital. Lars does a great job reflecting on his struggles and pitfalls, telling readers exactly how he felt as the events unfolded. That said, his investment style differentiates from mine in nearly all aspects so I did not get as much out of this book as many others I've read. But Lars' ability and knowledge on the subject is on par with the best in the business, therefore I would recommend this book to anyone interested in in-depth financial statement analysis and arbitrage trading,
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on December 7, 2012
I read Money Mavericks and Alpha Masters to understand the world of hedge funds. Both are highly informative and entertaining. MM has the added advantage of including an honest account of what its like to work day-to-day in a hedge fund and showing the good, the bad and the ugly. Highly recommended!
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on June 10, 2014
Most of the "this is how the street Works" books I've read have been ill disguised attempts to brag about the authors own merrits.

This book however gives a very honest view into the World of hedge funds.
We follow Lars Kroijers struggle to set up his business and I felt that I really got to know the author, his fears, his thoughts and his motivation.

Lars Succeeds in removing some of the glory usually found the hedge-world and I would recommend any one interested in this field to read this book.

Actually I would recommend the book to many of the hedge fund critics out there. They just might get wiser too.
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on February 28, 2015
Extremely honest and frank overview for what to me had been a vague and poorly understood industry. Mr Kroijer did a good job in explaining this.

I also enjoyed his experience of starting a business and the initial difficulties he faced. This will resonate to a lot of entrepreneurs.

I read his other book on investing and I can see where the ideas for that book germinated. His emphasis on low costs, ETFs and so on are good to read again.

I'm practically the same age as Mr Kroijer. It's kind of depressing that he has achieved so much, and has such talent. He comes across as a nice chap though whom you could have a decent chat with over a pint, not like a lot of the finance types you see swaggering around.
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on January 1, 2015
Most books written on the subject of hedge funds are either glorifying their success or criticizing their evil nature of some sort. This book is different because Lars Kroijer writes about his own life journey of working at an investment firm, eventually quitting to start his own hedge fund and shutting it after being in operation for six years. It is a true-hearted effort to enlighten the reader about:

• The procedure to start a fund
• The difficulties he encountered (Seed capital, team, expenses, office space, technology)
• Getting investors
• Expectations of people
• The stress emotional turmoil of making money
• Scaling up
• A day in the life of a fund manager

This book is recommended for:
• Aspiring Hedge fund and Portfolio managers
• Financial analysts
• Financial entrepreneurs
• Serious traders and Investors
• Novices who have a gung-ho vision of a career path in the stock markets.
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on June 21, 2015
I consider this a must read - even if not interested in hedge funds. What makes the book brilliant is not just the story line; it is the brutally honest and very unpresumptuous personal account of getting into the industry, starting a fund, becoming successful, and finally deciding to close the fund.

For the aspiring hedge fund manager or student hoping to get into the industry, I have found this book to be the most insightful book out there. Mr. Kroijer’s experiences are described in a manner so vivid and honest that you almost feel like you have made them yourself. I, at least, felt much better suited for entering the industry having read this book.

For the wider audience, knowledge about the industry, or even interest in it, is not a prerequisite. It is still a great story written in a highly captivating language, and even without the element of hedge funds it has a lot to offer on a personal level.
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